International research

In the note we provide our outlook on the oil market in the next 6-12 months.
The share of shale oil in US crude oil output rose from 4% in 2007 to 20% in 2012 and around 50% in 2014. The boom was inspired by a change in relative prices for oil and gas, which made shale oil production attractive to exploration companies in the US. Output growth has been supported by technological and efficiency gains.
International rating agency S&P downgraded Russia’s foreign currency debt to non-investment grade level, BB+, with ‘negative’ outlook
The Russian equity market was caught in whirlwinds last week, demonstrating the highest volatility since the crises of 2008.
On 15 and 16 December the Russian ruble depreciated by 14% against the USD, resulting in a 51% depreciation YTD.
On 16 September CEO of AFK Sistema and its major shareholder Vladimir Evtushenkov was arrested and charged with money laundering related to an investigation of the privatization of Bashneft.
On 12 September, the EU and the US introduced another round of sanctions. This set of measures effectively expands sectoral sanctions imposed in July.